City Petén has a $30 million investment plan for the first three years, compared with $11 million held by the other participating company Perenco.

"Although the Ministry of Energy and Mines (MEM) has not yet made the Certifying Board’s decision’s public following the evaluation of bids submitted on May 30, Minister Alfredo Pokus reported through his press chief, Rene Rodriguez, that they are in the approval stage with the Cabinet of the Government", reported Elperiodico.com.gt

The Yalcanix area in Peten, has estimated reserves of 140 million barrels, according to the MEM.

Source: elperiodico.com.gt

More on this topic

Oil Exploration and Exploitation in Guatemala

October 2011

City Petén, winner of the concession for the exploration and exploitation of oil in area NWP-1-2008, plans to invest $90 million over the next three years.

After the company was notified of the contract award by the Ministry of Energy and Mines, journalist Augustine Yepes Horacio Ortiz interviewed the general manager of City Petén for Prensalibre.com.

Oil Contract Awarded in Guatemala

October 2011

Without disclosing the name of the company, the Ministry of Energy and Mines has announced that they have awarded a contract for exploration and exploitation of oil in Petén.

The Minister of that department, Alfredo Pokus, noted that they won't reveal the name of the contractor until the company itself has been notified.

Only Two Bids for Oil Tender in Guatemala

June 2011

Only two companies, Perenco and City Petén, have submitted bids for the Yalcanix block, located in Petén.

For the other three areas tendered, San Francisco, La Libertad and Xacbal, no bids were received at all. The Ministry of Energy and Mines will decide whether to convene a new tender.

Guatemala Steps up Interest in Oil Exploration

April 2011

Forty-five companies have shown interest in bidding for exploration of 4 oil areas in Petén.

In times of record oil price rises, there is mounting interest from different companies specializing in oil exploration in Guatemala.

An article in Siglo XXI declares: The two biggest areas to explore are PTN-1-2008 with an estimated reserve of 257 million barrels of oil, and PTN-6-2008 with 146.45 million."These projects are supported by the Guatemalan Chamber of Commerce (AmCham) because they promote the development of the country, " said Executive Director, Carolina Castellanos. "